Reliance Industries shares pushed 2.49% higher to ₹1,216, the second‑largest gain among the telecom‑heavyweights after the brokerage’s buy rating was refreshed. The uptick comes after Motilal Oswal highlighted the Jio Platforms IPO as a potential catalyst for a fresh re‑rating.
Jio Platforms is projected at a valuation of ₹11 lakh crore, roughly ₹11.2 lakh crore according to Motilal Oswal’s estimate. At this level, JPL would trade at about 12× FY28 enterprise value to EBITDA, versus 10.3× for Bharti Airtel’s India business. The gap suggests a narrowing in the valuation differential between the two telecom giants.
RIL currently owns a 66.4% stake in JPL. Motilal Oswal reckons the market is already pricing a 18‑36% holding‑company discount into RIL’s shares. The telecom sector is also braced for a 15% tariff hike in smartphone prices slated for December 2026, a move that could lift revenues for both RIL and Bharti Airtel.
With Vodafone Idea’s imminent fundraising and the Jio Platforms IPO looming, analysts expect the market to weigh the potential for tariff increases more heavily. RIL’s next earnings call in early 2027 could clarify how the IPO valuation will impact its balance sheet and future guidance.